Deepak Spinners Ltd. Company History and Annual Growth Details

YEAR EVENTS1982 - The company was incorporated on 25th March, at New Delhi. It obtained the certificate of commencement of business on 13th August.

- It was promoted by Pradip Kumar Daga and Himachal Pradesh Mineral &amp; Industrial Development Corporation Ltd., (HPMIDC) patricipated in the equity of the company.

- The main object of the company manufactures synthetic blended yarns both grey and dyed out of polyester, viscose, acrylic and other man-made fibres.

- With a view to further improve the performance, the company undertook to set up another spinning unit, in a notified backward area in Madhya Pradesh.

1985 - Allotted 1,50,070 shares to promoters, directors, etc. and 4,30,000 shares to HPMIDC. 27,19,930 shares then issued at par out of which 8,26,130 shares reserved and allotted to promoters, etc. Out of the remaining 4,00,000 shares to NRIs with repatriation rights and 1,65,000 shares to employees etc. and Business associates were reserved preferential allotment. Only NRI taken up.

- The balance 13,28,800 shares, along with 1,65,000 shares not taken up by employees etc. were offered to the public in February 1986. 4,73,400 additional shares allotted to retain excess subscription (1,00,000 shares to NRIs and 3,73,4000 shares to the public.)

1986 - The companies works are situated at Dist. Solan, Himachal Pradesh. Commercial production was started on 1st February, with 3,456 spindles which were gradually increased to 5,760 spindles by 30th April.

1987 - Major portion of the factory building was constructed, substantial machinery received and/or installed and partial production commenced.

1988 - As a part of its diversification programme, the company commenced manufacture of acrylic yarn.

1989 - Forfeiture on 15,600 shares annulled.

1990 - Various machinery including 960 spindles, one card, one cone winder, ring data system and hank dyeing equipments were installed.